Binance alternatives

Compare the best alternatives to Binance for Canadian crypto traders.

By   |   Updated 15th September 2022

As seen on

Media - Forbes
Media - Yahoo Finance
Media - MSN
Media - Fox News
Media - Daily News
Media - Vox

Comparing Binance alternatives

Bitbuy

On website

Featured

Bitbuy

Highlights

  • If you are new to crypto trading, Bitbuy is for you. Binance’s advanced tools are designed to support experienced investors.
  • There are more cryptocurrencies listed on Binance compared to what’s available on Bitbuy, including many altcoins and NFTs.
  • Based in Toronto, Canada, Bitbuy is regulated by FINTRAC and available throughout Canada. Binance is unavailable in Ontario.

Pros

  • You can earn a signup bonus.
  • Competitive trading fees.
  • Assets are insured and held in cold storage.
  • User-friendly website and mobile app.

Cons

  • Deposit and withdrawal fees apply.
Coinbase

On website

Finty may be compensated when you click on the link.

Highlights

  • Offers a substantial list of digital assets including many altcoins. Binance still offers more though.
  • Coinbase offers recurring buys, like with Binance. Daily, weekly, or monthly available.
  • Crypto stored on Coinbase servers is covered by its insurance policy.

Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Offers Coinbase card which allows you to spend crypto anywhere.

Cons

  • Fees are higher compared to other exchanges.
Coinsquare

On website

Highlights

  • Binance has substantially more trading pairs than what's available with Coinsquare.
  • Assets stored on either exchange are not covered by insurance, which is the case with others.
  • Coinsquare is available for all Canadians and is a registered MSB with FINTRAC, unlike Binance.

Pros

  • Quick verification process.
  • 820+ trading pairs available.
  • Has a referral program.

Cons

  • A limited selection of cryptocurrencies.
NDAX

On website

Highlights

  • NDAX requires a minimum deposit of $100.
  • Withdrawals from NDAX are more expensive compared to Binance.
  • NDAX’s customer support is highly regarded and available 24/7.
  • Both exchanges store digital assets in cold wallets.

Pros

  • Competitive trading fees at 0.2% for both selling and buying cryptocurrencies.
  • Get 24/7 customer support.
  • Earn by referring a friend.

Cons

  • Other exchanges have a larger choice of digital assets to trade.
  • Only available to Canadian residents
Coinberry

On website

Highlights

  • Binance has a much wider selection of digital assets to trade than Coinberry.
  • Coinberry offers 0% CAD funding and withdrawal fees.
  • Coinberry uses Gemini’s cold storage, giving its investors security and peace of mind. They are FINTRAC-registered and available throughout Canada.

Pros

  • Easy sign-up process and instant verification.
  • No fees to deposit or withdraw fiat.
  • There is a $200 million crypto asset insurance.
  • Easy to use mobile app.

Cons

  • Limited choice of altcoins.
  • High trading spreads.
CoinSmart

On website

Highlights

  • There are significantly more tradable crypto assets on Binance compared to CoinSmart.
  • CoinSmart’s trading fees are simple and straightforward.
  • Binance’s interface might be overwhelming to a new crypto trader compared to CoinSmart’s simple design.
  • CoinSmart is based in Toronto and registered with FINTRAC. Binance is not available to Ontarians.

Pros

  • Low trading fees.
  • Deposits are cleared within the day.
  • Supports CAD, EUR, and USD.
  • Get 24/7 customer support.

Cons

  • Limited coins.
  • Fee applies to credit card and debit card deposits.
Shakepay

Highlights

  • Shakepay only supports 2 major coins, Bitcoin and Ethereum. Binance has a much broader offering, including an NFT marketplace.
  • Deposits and withdrawals are free at Shakepay.
  • Although Shakepay does not charge a trading fee, take note that each transaction incurs a spread fee.
  • Licensed as a Money Service Business by FINTRAC and the AMF, Shakepay is available for all Canadians. Binance isn’t available in Ontario.

Pros

  • Free transfers through Interac e-Transfer.
  • Commission-free.
  • Earn rewards.

Cons

  • Supports only Bitcoin and Ethereum.
  • Only available to Canadian residents
Newton

Highlights

  • Newton is clearly more geared towards a beginner trader. Its user interface is one of the best in Canada.
  • You can fund and withdraw from your Newton account for free.
  • Newton is built in Canada and is FINTRAC regulated. Binance is not and is unavailable to those in Ontario.

Pros

  • Clean user interface.
  • No commission fees.
  • Competitive spreads.
  • Earn $25 on its referral program.

Cons

  • Only accepts CAD deposits.
  • Verification times can be slow.
Kraken

On website

Kraken

Highlights

  • Kraken has a substantial choice of tradable assets, but Binance has more.
  • Kraken’s trading and withdrawal fees are lower than they are on Binance.
  • Binance is tailored for advanced traders while Kraken is best suited for beginner or intermediate traders.
  • Kraken is FINTRAC-registered and available anywhere in Canada.

Pros

  • Large selection of tokens to trade.
  • Earn rewards by staking eligible assets.
  • Access to a range of educational materials.

Cons

  • Limited options to fund your account.